San Francisco, CA -- (SBWIRE) -- 07/30/2014 -- The global market for automotive plastics is expected to reach USD 41.49 billion by 2020, according to a new study by Grand View Research, Inc. Shift in trend towards reducing the overall weight of automobiles in both developed and emerging markets is expected to drive the market for automotive plastics over the forecast period. However, volatile raw material prices are expected to remain a key challenge for market participants.

Polypropylene emerged as the leading product segment and accounted for 37.6% of total market volume in 2013, followed by polyurethane at 16%. Polyurethane is also expected to be the fastest growing product segment, at an estimated CAGR of 9.9% from 2014 to 2020.

Further key findings from the study suggest:
- Global automotive plastics demand was 7,962.1 kilo tons in 2013 and is expected to reach 14,851.0 kilo tons by 2020, growing at a CAGR of 9.4% from 2014 to 2020.
- Electrical components were the most dominant application for automotive plastics as the segment accounted for 37% of total market volume in 2013. Electrical components were followed by interior and exterior furnishings at 32.8% of total market volume in the same year. Power trains are expected to be the fastest growing application market for automotive plastics at an estimated CAGR of 10.4% from 2014 to 2020.
- Asia Pacific continued its dominance in the global automotive plastics industry and accounted for 53.2% of total market volume in 2013 and is expected to continue leading the market over the forecast period. Asia Pacific along with the largest market is also expected to be one of the fastest growing markets for automotive plastics, at an estimated CAGR of 10.0% from 2014 to 2020. Growth of automotive industry particularly in emerging markets of China and India is expected to fuel the regional demand for automotive plastics.
- The global market for automotive plastics is fairly concentrated with top four companies including BASF, Johnson Control Inc., Evonik Industries and AkzoNobel accounting for just over 55% of total market in 2013. Other key companies operating in the global market include Delphi Automotive PLC, Solvay Plastics, DIC Corporation and Magna International Inc.

About Grand View Research
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com/